The U.S. Government is Corrupt! Op-Ed to WSJ/NYT/DMN
August 20, 2016
Emailed to The Wall Street Journal
Emailed to The New York Times
Emailed to The Dallas Morning News
The U.S. Government is Corrupt!
The U.S. Government is Corrupt! The U.S. Government is committing fiscal and accounting fraud that has given the U.S. upper class a gift of $103.2 Trillion! The U.S. Government is using Cash Accounting rather than the proper GAAP (Generally Accepted Accounting Principles) Accounting which has created a classic Ponzi scheme (USAPonzi) that has fraudulently deferred $103.2 Trillion of public liabilities to the future U.S. taxpayers.
Because of this U.S. Government fraud, the U.S. Government is operating with a dramatically unbalanced budget, largely concealed by this fraudulent accounting, that allows the U.S. Government to direct money where they want it to go without telling the U.S. citizenry and the rest of the planet.
The U.S. Government is lying to and cheating the U.S. Common Man by promising to pay irrational and unaffordable social benefits to Americans but has not been accruing the money to pay these future benefits for the last 47 years. These future benefit promises are now underfunded by $83.8 Trillion.
The U.S. Government is cheating future Americans by overpaying the U.S. Government employees and related businesses which has created a National Debt of $19.4 Trillion that future Americans are now expected to pay.
The U.S. Government is making the U.S. upper class appear to be very very rich by undertaxing them by $103.2 Trillion.
The U.S. Government is cheating the rest of the planet by issuing $103.2 Trillion of counterfeit money to U.S. citizens and businesses by overpaying the U.S. Government employees, overpaying the social benefit recipients, and undertaxing the current U.S. taxpayers by $103.2 Trillion so Americans can buy things that they cannot afford.
This fraudulent fiscal policy is what has caused the wealth and income gap between the one percent club and the Common Man. A windfall gift of $103.2 Trillion to the U.S. upper class over the last 47 years has created a huge wealth gap. And then to add insult to injury, the U.S. Government has underfunded the social benefit promises to the Common Man by $83.8 Trillion and overpaid itself by $19.4 Trillion. The U.S. Government has taken $103.2 Trillion from the Common Man and the underprivileged and given it to the privileged. This fraudulent fiscal policy has built opulent mansions for the U.S. upper class and given them massive wealth and an opulent lifestyle. This fraudulent fiscal policy has given the senior officials in the U.S. Government an opulent lifestyle and significant personal wealth.
This fraudulent fiscal policy has allowed Americans to buy and build a lot of things that they cannot afford; cars, trucks, planes, houses, apartment buildings, smartphones, cell phone subscriptions, sports tickets, movie tickets, concert tickets, TVs, TV subscriptions, computers, malls, restaurants, office buildings, resorts, cities, airports, etc. The U.S. Government is massively stimulating the U.S. and global economy by operating with a dramatically unbalanced budget. $103.2 Trillion of counterfeit money can buy and build a lot of stuff, can create a lot of economic stimulus, and can create a lot of counterfeit wealth.
The fiscal policy of the U.S. Government is a classic Ponzi scheme that has simply borrowed $103.2 Trillion from the future U.S. taxpayers to improve the lifestyle of current Americans. What is now $103.2 Trillion of apparent private wealth, created by this Ponzi scheme fiscal policy, will evaporate when this Ponzi scheme implodes. This $103.2 Trillion is counterfeit money because it has been borrowed from the future U.S. taxpayers and they simply cannot pay a ballooning tax payment of $103.2 Trillion.
To eliminate this fraud, the U.S. Government must adopt GAAP Accounting and commit to a balanced GAAP basis budget. I have written a book "USAPonzi", available on Amazon, that explains this Ponzi scheme and its impact on the global economy in much more detail.
Note 1: Financial data presented in this commentary were sourced from www.usdebtclock.org as of August 20, 2016.
Note 2: The distortions caused by USAPonzi may well be even more severe than my estimates because of secondary and tertiary side-effects of having more than $100 Trillion of imaginary-counterfeit capital sloshing around in the global economy.
John W. White